I was intending to show a property this week that was listed at below market value. I asked the listing agent what the history was and he said that he had been in touch with the sellers bank and to bring all offers...they were in preforeclosure. Called him again today and he said there was a HUD key on the property, which means to me that it was foreclosed on already? I look at Realist and it did indeed show that the auction date was last Tues....

Is there anyway to get Wells Fargo to work an offer at this stage of the game? The might not have even assigned it to anyone and doesn't appear to be on the market officially other than with a listing agent who doesn't really have a listing anymore if his seller is not the owner...PS. it's a VA loan orginated from Wells

Please advise. Many thanks!

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I don't think so.  I've heard of Realtors getting auctions rescinded, but I've never actually known a case.  I also think they would only do that in a case where an offer was on the table prior to the auction.

Currently, I do not know of any banks that will accept offers prior to an REO being assigned to a Asset Manager and an Agent.  

Would they, possibly, still keep the same agent to sell the property?  Is it possible that it passed the auction date but did not get any acceptable bids?  I'd ask those questions, directly, of the agent you spoke to.  They will hire their own listing agent, whether it's him or another usual agent in the area.
Thanks everybody...that's my experience too, but wanted to check as things change so often...The house has definitely been foreclosed on...went out this week and it's been drilled and retro fitted with new locks...



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